Those with wealth do not always make decisions with the rest of the population mind. In a scary instance of exactly that, a company called Turing Pharmaceuticals acquired the rights to a drug called Daraprim used to combat effects of the AIDS virus and raised the price. How much you might ask?
The price of a single pill rose from $13.50 to $750 dollars. That’s a 5000% increase.
So I ask you: is this not the EXACT reason why privatization of the pharmaceutical industry is disgusting and hurts the majority of the population?
And Martin Shkreli, CEO of the company, seems to find the responses funny. Before making his Twitter account private, he was seen saying that he doesn’t care that people can no longer afford the drug. In a TV interview, he stated that the price increases were necessary for ‘future research’.
Hey, @MartinShkreli, your share of the pizza tonight comes to $250,000, which of course we will funnel into future, better pizzas
— Jason Miller (@longwall26) September 22, 2015
Shkreli takes no prisoners in the pursuit of money. He was CEO of a different company, Retrophin, which did the same thing to kidney medicine for children.
— Anthony Breznican (@Breznican) September 21, 2015
Retrophin, meanwhile, announced last month that it was suing Shkreli for more than $65 million in damages, alleging that he misused company funds to settle legal disputes against him and hedge funds he ran. This is just one of many issues Shkreli is facing at the moment which may be the reason behind him claiming he would lower the price of the drug.
While it is doubtful he will return the pills to their regular price, many are hoping that karma will bite Shkreli where the sun doesn’t shine. Check him out in an interview below.
Image Source: Bloomberg News